There’s an updated (May 2025) Dynamics 365 Licensing Guide. The major changes are the addition of a whole host of security roles for the ERP products, and clarification as to when administrators need to be licensed. Text on page 3 confirms that users with the Power Platform Administrator or Dynamics 365 Administrator role in Entra don’t require a licence, and the System Administrator role in Dataverse and Finance and Operations doesn’t require a licence to configure and administer Dynamics 365 applications.

Find this updated guide here: https://bit.ly/44lAhtU.